Business

Wintrust to sell three Town Bank branches

Posted January 14, 2021 10:00 pm

ROSEMONT - Wintrust Financial Corp. said Friday it is selling three southwestern Wisconsin branch locations of its wholly-owned subsidiary, Town Bank N.A.

Greenwoods Financial Group Inc., the parent company of The Greenwood's State Bank, has signed a branch purchase and assumption agreement for three Town Bank locations in Albany, Darlington and Monroe, Wisconsin. Greenwoods will assume approximately $80 million of deposits and acquire the bank facilities, and various other assets.

The terms of the transaction are not being disclosed at this time. The transaction is subject to approval by banking regulators and certain closing conditions. The transaction is expected to close in the second quarter of 2021 and is not expected to have a material effect on Wintrust's 2021 earnings per share, the company said.

Rosemont-based Wintrust is a financial holding company with assets of over $43 billion whose common stock is traded on the NASDAQ Global Select Market.

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